EnergyWatch

Oil trader Vitol embraces clean energy with new wind power fund

Vitol Group, the world’s largest independent oil trader, is launching a new fund to invest in wind farms in Europe, joining a string of oil majors making moves into renewable energy.

Photo: /ritzaufoto/AP/Charlie Riedel

The Rotterdam-based trader will invest 200 million euros ($234 million) into offshore and onshore wind farms through its VLC Renewables arm, run by a joint venture together with Low Carbon Ltd. The company is planning to buy minority stakes in projects, working with developers and financial investors.

"We see that challenge that is facing electricity markets and we are also evolving our business model to adapt to this future," Simon Hale, investment director at Vitol, said in an interview. "We’re trying to create a platform of scale and we think offshore wind is the best means to achieve that."

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs